Wells Fargo and Allspring Collaborate on New Money Market Fund Share Class to Benefit Native American Communities

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Wells Fargo is partnering with Allspring Global Investments to launch a Tribal Inclusion share class for the Allspring Government Money Market Fund, exclusively for Wells Fargo corporate clients. This is the first money market product with a charitable donation feature focused on benefiting tribal communities in the United States.

Allspring Government Money Market Fund’s Tribal Inclusion Class will be distributed exclusively through Wells Fargo

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) today announced it is working with Allspring Global Investments, a global asset management firm, to launch a Tribal Inclusion share class for the Allspring Government Money Market Fund, which will be offered exclusively to Wells Fargo corporate clients. The Tribal Inclusion share class is the first money market product with a charitable donation feature focused on benefiting tribal communities in the United States.

Wells Fargo (Photo: Wells Fargo)

“As a long-term supporter of Native American and Alaska Native communities, we are delighted to partner with Allspring on the launch of their first money market fund share class focused on benefiting tribal communities,” said Randall Lacayo, head of Diverse Segments, Capital Markets, Wells Fargo Corporate & Investment Bank. “We have supported Native Forward Scholars Fund over the past decade, and we are pleased to offer this new fund exclusively to Wells Fargo clients to further promote their diversity, equity, and inclusion initiatives serving tribal communities.”

In addition to its ongoing support of Native Forward’s mission, Wells Fargo will make a donation in celebration of the launch of the fund to Native Forward Scholars Fund, an organization focused on empowering students from more than 500 tribes across the U.S. by providing scholarships for higher education. Allspring will donate a percentage of the net management fee revenue earned on Tribal Inclusion share class assets.

“The Native American community is historically and culturally rich but underrepresented and often overlooked. For Allspring, this collaboration is an incredible opportunity to educate ourselves on the specific needs of tribal communities especially pertaining to Native Forward’s objective to provide access to quality education for Native scholars via direct scholarships. Allspring's mission is to elevate investing to be worth more and part of our purpose is to contribute to organizations such as Native Forward to achieve better outcomes,” said Sonya Rorie, Allspring’s deputy chief diversity officer.

“For the past five plus decades, Native Forward has remained steadfast in meeting the unmet needs of every Native scholar who wishes to pursue higher education. When you are investing in the Tribal Inclusion share class, you are doing more than just investing, you are impacting the economic mobility of Native people in this country. That type of social impact extends beyond individuals and creates opportunities for a more just and diverse workforce,” said Angelique Albert, Native Forward CEO.

Wells Fargo is pleased to share that Paramount Global and several Native American tribal governments will be among the inaugural investors in the Tribal Inclusion share class, supporting today’s launch.

“This new tribal inclusion share class is a great way to help raise awareness of the needs of Native American communities, which are often overlooked by corporate America,” said Dawson Her Many Horses, head of Native American Banking at Wells Fargo.

Wells Fargo has been a proud supporter of Native American and Alaska Native communities for more than 65 years and continues to be the leading provider of capital and financial services to tribes and tribal-owned enterprises. Wells Fargo has banking relationships with 1 out of 3 federally recognized tribes in the U.S. We have committed $3.4 billion in credit and hold $4.1 billion in deposits for tribal governments and tribally owned enterprises nationally, banking with more than 300 Native American and Alaska Native tribal entities in 25 states.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com

About Allspring

Allspring Global Investments™ is an independent asset management firm with more than $551 billion in assets under advisement*, over 20 offices globally​, and investment teams supported by more than 450 investment professionals. Allspring is committed to thoughtful investing, purposeful planning, and inspiring a new era of investing that pursues both financial returns and positive outcomes. For more information, please visit www.allspringglobal.com.

*As of September 30, 2023. ​Figures include discretionary and non-discretionary assets.

About Native Forward

Native Forward Scholars Fund has delivered more funding in direct scholarship dollars to Native students in the U.S. than any other scholarship provider. The national nonprofit is committed to ensuring that every Native student who wants to pursue higher education has the resources to do so. Providing over $400 million in direct scholarships during its 53-year history, Native Forward has empowered over 22,000 scholars from more than 500 tribes in all 50 states and contributed to over 1,700 law degrees and more than 2,200 Ph.D. degrees. Through scholarship funding and holistic support, Native Forward has increased the graduation rates of undergraduate students to 69%, compared to the national average of 41% for Native students, and has boosted the rate for graduate students to 95%. The organization's alumni are among the most influential Native leaders in the U.S., including Secretary of the Interior Deb Haaland, Pulitzer Prize finalist Tommy Orange, and Dr. Cynthia Chavez Lamar, Director of the Smithsonian's National Museum of the American Indian. For more information, please visit Nativeforward.org.

Government money market funds: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit allspringglobal.com. Read it carefully before investing.

Allspring Global Investments™ is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind — including a recommendation for any specific investment, strategy, or plan.

FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE RETAIL PUBLIC

Wells Fargo has less than 10% equity interest in Allspring Global Investments ("Allspring"), the trade name used by the asset management businesses of Allspring Global Investments Holdings, LLC. Wells Fargo has no role in the management of Allspring. Wells Fargo's equity ownership in Allspring will provide us with a financial incentive to continue to recommend to our clients products that are managed and distributed by Allspring's advisors and distributors, including mutual funds, sweep vehicles, and separately managed account programs. Although Allspring will not be a related person of Wells Fargo, Wells Fargo and its related persons will continue to benefit from the sales of Allspring products to a greater extent than the sale of other third-party products in which we do not have a similar financial interest.

*You are leaving Allspring Global Investments and entering a website that Allspring does not control. Allspring has provided this link for your convenience but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

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News Release Category: WF-PS

View source version on businesswire.com: https://www.businesswire.com/news/home/20231106239293/en/

Wells Fargo

Hannah Sloane, (347) 802-5942

hannah.sloane@wellsfargo.com

Allison Chin-Leong, (646) 457-8266

allison.chin-leong@wellsfargo.com

Allspring

Melissa Murphy, (804) 396-6440

melissa.murphy@allspringglobal.com

Native Forward

Sara LaBarge, (505) 881-4584

sara@nativeforward.org

Source: Wells Fargo & Company

FAQ

What is the Tribal Inclusion share class?

The Tribal Inclusion share class is a money market product offered exclusively to Wells Fargo corporate clients. It has a charitable donation feature focused on benefiting tribal communities in the United States.

Who is Wells Fargo partnering with for this initiative?

Wells Fargo is partnering with Allspring Global Investments, a global asset management firm, to launch the Tribal Inclusion share class.

What is the purpose of the Tribal Inclusion share class?

The purpose of the Tribal Inclusion share class is to promote diversity, equity, and inclusion initiatives serving tribal communities by providing financial support through a charitable donation feature.

What organization will receive a donation from Wells Fargo?

Wells Fargo will make a donation to Native Forward Scholars Fund, an organization focused on empowering students from over 500 tribes across the U.S. by providing scholarships for higher education.

Who will be among the inaugural investors in the Tribal Inclusion share class?

Paramount Global and several Native American tribal governments will be among the inaugural investors in the Tribal Inclusion share class.